Book notes: The Continental dollar, by Farley Grubb
Grubb’s book brings an important new interpretation to this founding moment in US financial history
Farley Grubb, The Continental dollar: how the American revolution was financed with paper money, University of Chicago Press, 2023, 296 pages
Financing war is not a problem for the US in the 21st century, as there is ample demand for US dollar-denominated debt in the global economy to finance federal budget deficits (a condition that may not last forever). Further, the US government enjoys the privilege of hosting the ‘global’ central bank, the Federal Reserve, which provides price support for
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